For the year ended December 31, 2024, Fidelity Engineering reported pretax accounting income of $1,004,000. Selected information for 2024 from Fidelitys records follows:

Interest income on municipal governmental bonds	$ 60,000
Depreciation claimed on the 2024 tax return in excess of depreciation on the income statement	84,000
Carrying amount of depreciable assets in excess of their tax basis at year-end	144,000
Warranty expense reported on the income statement	40,000
Actual warranty expenditures in 2024	30,000

Fidelity's income tax rate is 25%. At January 1, 2024, Fidelity's records indicated balances of zero and $15,000 in its deferred tax asset and deferred tax liability accounts, respectively.

Required:

Determine the amounts necessary to record income taxes for 2024, and prepare the appropriate journal entry.

What is Fidelitys 2024 net income?